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Income Tax - Supreme Court - Case Laws

Showing 3321 to 3340 of 3771 Records

  • 1964 (11) TMI 11

    Whether the aforesaid order of the Commissioner under section 33B cancelling the registration of the firm for the three years 1952-53, 1953-54 and 1954-55 is lawful ? - If the answer to the above question is in the affirmative, whether the firm is registrable under section 26A for the aforesaid assessment years ? - Held that - High Court came to the correct conclusion that the partnership was a genuine one, that the partition in the joint Hindu f....... + More


  • 1964 (11) TMI 10

    Whether the Income-tax Officer can refuse to register a genuine partnership entered into between more than two persons on the ground that one of them is only a benamidar for another? - Held that - When a firm makes an application under section 26A of the Act for registration, the Income-tax Officer can reject the same if he comes to the conclusion that the partnership is not genuine or the instrument of partnership does not specify correctly the ....... + More


  • 1964 (11) TMI 9

    Whether on the facts and circumstances of this case the throwing into the hotchpotch of the applicant s self-acquired property and the subsequent partition among the members of the Hindu undivided family is an indirect transfer of property so far as the wife and minor son are concerned, within the meaning of section 16(3)(a)(iii) and (iv) of the Income-tax Act ? - Held that - When the joint Hindu family property was partitioned, there was no tran....... + More


  • 1964 (11) TMI 8

    Whether respondent No. 1, the Union of India, is entitled to claim that the tax due to it from respondent No. 2, M/s. R. K. Das and Co., on account of the assessment years 1946-47 and 1947-48 has priority and precedence over the decretal amount due to the appellant, M/s. Builders Supply Corporation, from respondent No. 2? - Held that - It is difficult to accept the argument that the application of the doctrine of priority of arrears of tax over p....... + More


  • 1964 (11) TMI 6

    Whether the deed, Annexure B aforesaid, amounted to a transfer of assets to the three minor children aforesaid so as to attract the provisions of section 16(3) (a)(iv) of the Income-tax Act ? - Held that - There was no direct or indirect transfer of assets to the minor children by the assessee within section 16(3)(a)(iv). Appeal dismissed........ + More


  • 1964 (11) TMI 5

    Whether rule 8-A is framed in exercise of the power reserved under section 26 of the Abolition Act to effectuate the provisions of clause (d) of section 6, and adjustment under the rule can only be made in respect of agricultural income-tax payable for any period prior to the date of vesting? - Held that - Rule 8-A requires the Collector to adjust the liability to pay agricultural income-tax due by the intermediary against compensation payable to....... + More


  • 1964 (11) TMI 4

    Whether the dividend was paid out of the net profits on hand of the year 1952? - Whether the profits of the year 1951 on which rebate was given were availed of for distributing dividend? - Held that - In this case, however, the High Court has declined to exercise its discretion on the ground that disputed questions of fact arose which it would not be justified in considering in a petition under article 226 of the Constitution. There is again no g....... + More


  • 1964 (10) TMI 21

    Whether the assessee was properly assessed on ₹ 4,25,050 as profits under the proviso to section 10(2)(vii) of the Act? - Whether there were materials for the Tribunal estimating the sale value of the buildings at ₹ 2,32,963 ? - Held that - By the fiction, if the business must be deemed to be in existence during the previous year and that the buildings sold must be deemed to have been used for the business during that year, the amendm....... + More


  • 1964 (10) TMI 20

    Whether the loss claimed in the present case was a trading loss which is deductible in computing the profits of the company? - Held that - Find no difficulty in holding that the said debt which had become irrecoverable was a trading loss deductible in computing the profit of the appellant-company in the assessment year. It was a loss incidental to the appellant s business and is certainly sanctioned by commercial practice and trading principles. ....... + More


  • 1964 (10) TMI 19

    Whether the income from property owned by the assessee is exempt under section 4(3)(i) for the aforesaid six years of assessment ? - Whether the activities of the assessee amount to a trade or business, the profit or loss from which is assessable under section 10 ? - Held that - It is true that in this case there is in fact no trust in respect of the income derived from the building owned by the assessee. But the property and the income therefrom....... + More


  • 1964 (10) TMI 18

    Whether the reassessment under section 34 (of the Indian Income-tax Act, 1922) completed on 30th June, 1953, for the year 1944-45 is valid? - Held that - Some confusion has crept into this branch of the income-tax law by the use of the words voluntary return and a non-voluntary return . Section 22(3) does not use this expression and whatever the impelling cause or motive, if a return otherwise valid is filed by an assessee before the receipt of a....... + More


  • 1964 (10) TMI 17

    Whether the Income-tax Officer could initiate proceedings over again under section 34 of the Act in derogation of the finding given by the Tribunal that the Income-tax Officer did not discover that the income had escaped assessment.? - Held that - The finding of the Tribunal is, therefore, binding on the Income-tax Officer and he cannot, in the circumstances of the case, reopen the assessment and initiate proceedings over again. If that was not t....... + More


  • 1964 (10) TMI 16

    Whether section 12(1B) read with section 2(6A)(e) was constitutionally valid? - If the impugned section treats the loan received by a shareholder as a dividend paid to him by the company, has the legislature in enacting the section exceeded the limits of the legislative field prescribed by the present entry 82 in List I ? - Held that - As we have already noticed, the word income in the context must receive a wide interpretation ; how wide it shou....... + More


  • 1964 (10) TMI 15

    Whether on the facts and in the circumstances of the case the disallowance of the loss of 67,764 as claimed and the computation of the profit at 382 is valid in law ? - Held that - The principle adopted by the High Court appears to be unexceptionable that to ascertain the real profits the department was right in computing the cost price of the properties in Malayan currency in accordance with the Schedule appended to the Ordinance. It accords wit....... + More


  • 1964 (10) TMI 14

    Whether on the facts and circumstances of the case the bank was entitled to claim the deduction of the entire interest paid by it on fixed deposits, either under section 10(2)(iii) or 10(2)(xv) ? - Held that - The High Court correctly answered the question in favour of the assessee on the ground that the entire interest paid by the bank was a permissible deduction under section 10(2)(iii) of the Act.Appeal dismissed........ + More


  • 1964 (10) TMI 13

    Whether the result of the Ordinance was to revive the old debts and the question of the exigibility of the said income to tax can only be decided on the provisions of the Income-tax Act and not by the terms of the scheme of the Ordinance? - Held that - We hold, agreeing with the High Court, that under the Ordinance the discharged debts became enforceable to the extent of the balance of the amount due after the scaling down of the payments. If so,....... + More


  • 1964 (10) TMI 12

    Whether on the facts and in the circumstances of the case the said sum of ₹ 2,74,610 and ₹ 2,86,823 being the interest paid by the assessee is allowable as a deduction under the Income-tax Act under any of the sections 10(2)(iii), 10(2)(xv) or 10(i) ? - Held that - We are, therefore, of the view that the allowance claimed is a permissible deduction under section 10(2)(xv). Appeal allowed........ + More


  • 1964 (10) TMI 11

    Whether, on the facts and circumstances of this case, the five annas share of the income of Amrit Chemicals or any part thereof for the year January 1, 1951, to December 31, 1955, accrued to the assessee and whether it could be charged in its hands ? - Held that - In the present case at the date when Ashokbhai acquired the right to receive a share of profits, there was no subsisting joint family and his share of the profits was not received by hi....... + More


  • 1964 (10) TMI 10

    Whether, on the facts and in the circumstances of the case, the assessments on the Administrator-General of West Bengal as an individual and not as representing the shares of the various beneficiaries under the will of the late Raja P. N. Tagore separately was in accordance with law ? - Whether, on the facts and in the circumstances of the case, the assessment of the said Administrator-General at the maximum rate was legal ? - Held that - Section....... + More


  • 1964 (10) TMI 9

    Whether the relationship between the assessee and the non-resident fell within the meaning of the expression business connection as used in section 42(1) of the Indian Income-tat Act ? - Whether on the facts and in the circumstances of this case any profits or gains accrued or arose or could be deemed to have accrued or arisen to the non-resident on account of the business connection of the non-resident with the assessee during the previous year ....... + More


 
 
 
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